Why is rent-seeking highly relevant for recent economic theory? In this paper, I argue that the common criticism of rent seeking theory is not new and relevant. First, I explain the basis of rent seeking and the main contributions to this theory including the theory of bureaucracy. Then, I...

Can corruption improve economic efficiency? Classical political economists argue that corruption undermines the rule of law (Smith 2001, Chap 5). The modern Public Choice proponents argue that corruption might influence the efficiency of the rule of law. While Chicago Public Choice scholars...

What are the historical foundations of entrepreneurial market process theories? Within the marginal revolution, economists laid down rigorous microeconomic foundations for market analysis. While the Cambridge school and the Lausanne school attempted to provide a theoretical apparatus that would...

Using the arguments of Ludwig von Mises and Friedrich August von Hayek, I argue that private ownership solves the problem of corruption. Because private ownership discourages entrepreneurs from rent-seeking and because privately owned media provide quality information to citizens, the legal...

Using the arguments of Ludwig von Mises and Friedrich August von Hayek, I argue that private ownership solves the economic problem of corruption. Since private ownership discourages entrepreneurs from rent-seeking, and privately owned media provide objective and unbiased information to citizens,...

Scholars making economic policy recommendations to resolve corruption problem use several approaches, the most dominant of which are the principal-agent and rent-seeking theories. In this paper, we argue that the principal-agent theory has problems accounting for the environment in which the...

Scholars making economic policy recommendations to resolve corruption problem use several approaches, the most dominant of which are the principal-agent and rent-seeking theories. In this paper, we argue that the principal-agent theory has problems accounting for the environment in which the...